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Doubt in capital gains

Income Tax - Started By: - Siva Rama - Dated:- 10-2-2017 Last Replied Date:- 30-12-1899 - A super senior citizen assesee is having a residential property (Place A). That property is about to be sold on Mar 2017. The long term capital gain on sale of property is worked out to ₹ 40 lakhs (Sales proceeds 50- Indexed cost of acquisition 10) if sold on Mar 2017. Advance for the sales received on May 2016. ₹ 40 lakhs. The son of assesee has booked a flat (Place B). Total value is ₹ 4 .....

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ace B) in the name of father. Father will handover balance ₹ 10 lakhs to son and son will handover to builder on Mar end 2017. On Mar end 2017 (i.e after the sale of property in place A), the sale deed registration will be executed between Builder and father. Will the father get section 54 exemption? Reasons for doubt If new property is purchased, exemption under section 54 can be obtained if a new residential property is purchased within one year before or 2 year after the date of transfe .....

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n of new flat. But it was first transferred to son s bank account and then it is transferred to builder by son. In ITO Ward -2 Gurgaon v Dr Smita Swarup , 2014 (6) TMI 559 - ITAT DELHI Assessment year : 2007-08, the Delhi Tribunal has dismissed the appeal filed by revenue. In that case, the assessee sold the property in FY 2006-07 (AY 2007-08) date 19.10.2006. For Section 54 exemption, the assessse is eligible to purchase a property within one year before the transfer (i.e. from 19.10.2005 to 19 .....

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